A general election is an opportunity for citizens of the United Kingdom to choose their member of parliament (MP). This person will represent a local area or constituency in the House of Commons for the next five years. Several candidates from different parties run for office from each constituency and the contender with the most votes is elected as MP.
This is an excellent opportunity for bettors to wager on various betting markets. If you are interested in placing a bet, we recommend keeping an eye on the UK general election odds to make the most of every opportunity.
UK Parliament Election 2024
Several reputable online sportsbooks let you bet on UK elections. But with thousands of platforms on the market, how do you find the best one? In this guide, we explain everything you need to know to bet on general elections in the UK. From finding the latest odds to selecting a licensed bookmaker, we provide every useful resource you need to master the upcoming general elections.
History of the UK General Elections
The general election is the most anticipated event in the UK’s political calendar. Its outcome is greatly significant in the country’s political hierarchy and determines which party and candidate form the government for the next five years.
The best way to summarize the country’s election history is through a chronological timeline. Here is the list of notable general elections held before the five-year term:
1951 General Election
The 1951 General Election was called by Labour Prime Minister Clement Attlee less than two years after the previous election due to the government’s narrow majority and ongoing financial challenges. The Conservative Party won a majority of 17 seats, despite Labour winning more votes overall.
As a result, Winston Churchill became the next prime minister and his government reversed some of the Labour Party’s nationalization policies, reducing the state’s influence on the economy. The 1951 general election is significant as it demonstrated the power of the first-past-the-post electoral system, where the party with the most seats formed the government despite not winning the most votes.
1966 General Election
Prime Minister Harold Wilson called the general election within two years of the last election as he bet on Labour to secure a broader majority and consolidate his position. Labour won by a decisive margin, increasing their majority to 363 out of 630 seats. The 1966 general election allowed the Harold Wilson government to take decisive action, shaping the trajectory of UK politics and policies during the late 1960s.
1974 General Election
Prime Minister Edward Heath called the 1974 general election amidst economic turmoil, widespread industrial unrest, and the miners’ strike. Heath wanted a public mandate to resolve these issues and govern effectively. The election resulted in a hung parliament as the Conservatives won more votes but the Labour Party secured more seats.
Failed attempts were made to form a coalition government with the Liberals. Finally, Harold Wilson formed a minority Labour government that lasted for an entire year. Wilson’s government suffered economic difficulties, forcing him to resign in 1976. James Callaghan succeeded him, but the challenges continued, leading to the “Winter of Discontent”.
1979 General Election
The 1979 general election marked a significant turnaround in British politics. Labour Prime Minister James Callaghan called the election after losing a vote of no confidence. Widespread economic strife, high inflation, and industrial unrest brewed a major crisis in parliament.
The Conservative Party won a decisive victory with Margaret Thatcher at the helm. Her government implemented several economic and social reforms, such as deregulation, privatization, and reducing the influence of trade unions. Thatcher’s government focused on reducing inflation and public spending. The 1979 election was a pivotal moment that ended the post-war consensus on the welfare state, reshaping British society.
1987 General Election
Incumbent Prime Minister Margaret Thatcher called for an early general election in 1987 to capitalize on her government’s popularity following economic recoveries and successful foreign policy initiatives. The Conservatives won 376 of 630 seats, securing a decisive victory and Thatcher retained her position for the third consecutive term.
Despite making some gains, the Labour Party, under Neil Kinnock’s leadership, failed to make an impact. Thatcher’s government continued its economic reform policy, contributing to the nation’s economic growth. The 1987 general election affirmed Thatcher’s dominance in UK politics and reinforced her vision of a market-oriented economy.
2001 General Election
In 2001, Prime Minister Tony Blair sought re-election after completing his first term, aiming to continue his government’s modernization policies, European integration, and investment in public services. Blair campaigned on his New Labour platform of social stability and justice and investment in public healthcare and education.
The Labour Party secured a decisive victory by winning 413 seats out of 659. The Conservative Party, under William Hague, failed to make significant gains despite their efforts to challenge Labour's dominance. The 2001 general election solidified Blair’s position in UK politics and gathered widespread support for the Labour Party’s policies of economic stability and investments in public services.
2017 General Election
The 2017 UK general election happened against the backdrop of Brexit negotiations and political uncertainty following Prime Minister David Cameron’s resignation the previous year. Incumbent Prime Minister Theresa May called for an early election to solidify her hand in Brexit negotiations and increase the Conservative Party’s majority in the UK parliament.
The election resulted in a hung parliament, with no party winning an outright majority. The Conservatives formed a minority government in collaboration with Northern Ireland’s Democratic Unionist Party, aiming to provide stability amid Brexit negotiations. The election outcome complicated Brexit negotiations and weakened May's mandate, forcing her government to navigate a complex political landscape domestically and in Europe.
2019 General Election
In 2019, Prime Minister Boris Johnson called for an early election to break the parliamentary deadlock and get a clear mandate to deliver Brexit. The Conservative Party campaigned on the slogan “Get Brexit Done”. The campaign wooed the electorate and the Conservative Party won by a wide margin. Thereafter, the Johnson government passed the Brexit Withdrawal Agreement, announcing the UK’s formal exit from the European Union.
The election result clarified the people’s take on Brexit, allowing the government to take decisive steps. The Boris administration negotiated future trade agreements and defined the post-Brexit relationship with EU member nations. The 2019 general election set a precedent for Britain’s political and economic landscape post-Brexit.
The Impact of Global Politics on the 2024 UK General Elections
The timing of the 2024 general election in the UK coincides with global politics, such as the US presidential election scheduled for November 2024 and the recent EU parliamentary election in June.
The outcome of the US presidential election will not affect the 2024 UK general election directly since the former will be held four months later. However, it could strengthen the relationship between both nations, especially on trade and foreign policy fronts. A brand new US government could prompt the UK administration to reassess its domestic and foreign policies.
The EU parliamentary elections, on the other hand, could play a more significant role in UK general elections due to the dynamics shared by both administrations. Depending on the outcome, there could be a significant shift in EU policies affecting the UK, especially considering trade, security, and post-Brexit relationships.
Domestic Factors at Play in the Run-up to the 2024 General Election
No preview is complete without a brief coverage of domestic factors with the potential to affect the next UK election odds. The UK’s domestic situation is pretty significant in 2024, as the incumbent Prime Minister Rishi Sunak seems to have fallen out of favor with the masses and policymakers. Sunak has been facing flak recently for several reasons, the most prominent being rising living costs and post-COVID economic setbacks.
Sunak’s wealth and background have sometimes made him appear out of touch with the general population’s struggles. His former role in hedge funds and his wife’s substantial wealth have always been focal points of criticism. Certain groups within the Conservative Party also criticize Sunak. His handling of internal matters, leadership style, and decisions have been scrutinized.
So, unless you plan to hedge your wager, placing a bet on Sunak seems to be quite risky for now. To make matters worse, Sunak’s decisions on tax increases and freezing income tax thresholds have been largely unpopular among voters. Not to mention ongoing issues with Brexit, labor shortages, trade disruptions, and tensions with the EU have continued to affect public opinion.
Available Election Betting Markets
Election betting is more diverse than you think. Bettors can wager on multiple markets depending on experience and risk appetite. Different markets have diverse risk and reward potentials. Here is a list of the top political betting markets to help you get familiar with the available options.
Election Winner
This is the most straightforward betting market and it lets you wager on the outcome. You can bet on which party or candidate will win the upcoming general election. For instance, you can bet on the Tories to secure a second term in office or bet on Sunak to continue as prime minister. However, we recommend keeping an eye on the latest odds for the prime minister before wagering.
Party Majority
This betting market is where you wager on the party that secures the most votes. For example, you can bet on the Tories to get the most votes. Remember that it is possible to bet on the party majority before the leading candidate is announced.
Referendum and Proposition
Wagering on the outcome of referendums and propositions in parliament is a popular betting choice. To illustrate, Brexit was an excellent betting opportunity. Similarly, the Scottish independence movement might be the new Brexit. So, you might want to watch out for the latest betting odds to make the most of it.
Political Leader
This betting market allows you to wager on the candidate most likely to be the next leader of a political group. For example, you can bet on Sunak to retain his position within the Conservative ranks or Starmer to keep leading the Labour Party after the election results are out, etc. This is an excellent betting opportunity in the UK since party leadership is pretty volatile. These leaders can be sacked or forced to resign at any time.
Impeachment
Impeachment is where charges are leveled against a public servant in office and the matter is sub judice. You can bet on whether the person will be convicted or acquitted at the end of the trial.
First to
This one lets you wager on the political parties or candidates most likely to hit a certain goal first. This is a broad betting market with countless opportunities. Common examples include the first party to announce its candidacy, the first to secure a specific number of votes or even the first to gain a certain number of social media followers.
Voter Turnout
This betting market allows you to wager on the percentage of eligible voters who will participate in an election. This can be broken down across overall voter numbers among constituencies to create competitive betting opportunities.
Policy Proposition
Policy proposition betting involves wagering on the likelihood of specific policies being implemented or passed into law within a given timeframe. For example, recently, betting markets have opened for proportional representation (PR) in the general election instead of the first-past-the-post system currently in use.
Political Prop
Prop bets are one of the most exciting betting markets since they provide endless opportunities. They are wagers on specific, often non-outcome-related events or occurrences within the realm of politics. These bets are usually on certain details, actions, or events that might happen during an election cycle or political period rather than the overall outcome. These may include interesting things like the number of times a candidate says a specific word or the first candidate to interrupt a debate, etc.
International Event
Betting on international political events involves wagering on various outcomes and developments in the political landscapes of different countries. You can bet on international policies like peace treaties, international agreements, global summits, conflicts, and diplomatic decisions.
Exit Poll
Exit polls provide an early indication of election results. Several online sportsbooks accept wagers on exit poll results. Since exit polls are among the earliest indicators of election results, betting on them can be both risky and exciting.
Re-election
Betting on re-election involves wagering on whether an incumbent politician will be re-elected to their current position. This type of bet is common for various political offices, including presidents, prime ministers, governors, and other elected officials.
Top Sportsbooks to Bet on the 2024 UK General Election
Finding the ideal online bookmaker is essential for the best betting experience. Reputable sportsbooks offer diverse political betting markets, accept multiple payment methods, have fair wagering requirements, and provide the best general election odds. Here are our three favorite platforms of all time:
Betway
Established in 2006, Betway is a reputable online sportsbook and casino operated by Betway Limited, a company registered in Malta and licensed by the MGA and the UKGC. The platform is also eCOGRA-certified and popular among thousands of online bettors.
PaddyPower
Founded in 1988, Paddy Power is one of the oldest and most reputable sportsbooks in the UK. Based in Dublin, Ireland, the company has multiple licenses. Moreover, there are over 600 Paddy Power betting shops in Ireland and the UK, making it a trusted provider of online gambling services.
Betfair
Launched in 2000, Betfair is a reputable online sportsbook owned and operated by Flutter Entertainment and licensed by several regulatory bodies. Betfair offers a vast selection of betting markets and is popular among bettors globally.
2024 General Elections Bet Suggestions
Want to capitalize on the next UK general election odds? Our experts suggest the following betting markets for maximum entertainment at minimum risk. But remember, gambling is inherently risky and the key is to wager an amount that you are comfortable losing. The goal is to have fun.
Bet on the Winning Party
The Conservative Party has been in power since 2010, and their stance on issues like Brexit and economic policies could influence their chances in 2024. You can bet on the Tories winning the most seats. However, the Labour Party has been working extensively to build its image, making it a strong contender. Keep an eye on the next UK general election betting odds to make the most of the latest opportunities.
Bet on the Next Prime Minister
Starmer has been leading the Labour Party since 2010 and is a strong prime ministerial candidate in the 2024 general election. With Rishi Sunak’s term in office surrounded by controversies, Starmer doesn’t have a low probability of turning the tides.
Bet on a Hung Parliament
With the political landscape in flux and the rise of smaller parties, there is a possibility of a hung parliament where no single party has an overall majority.
Combo Bet: Labour Party Wins the Most Seats + Keir Starmer Becomes the Next Prime Minister + No Overall Majority
Combine bets on the Labour Party winning the most seats, Keir Starmer becoming the prime minister, and the election resulting in a hung parliament. This combo bet offers higher potential returns due to the increased difficulty of all three outcomes occurring simultaneously, leading to a high-risk, high-reward scenario.